FBR updates, income tax, budgets and markets for Pakistan
192 articles
Navigating Tax Laws: How to Calculate Your Salary Income Tax in Pakistan for 2023. We will explain you here the steps to calculate the tax on salary income. As the year comes…
What are the Revised Tax Rates for Filers and Non-Filers. In the recent budget announced by the Government of Pakistan the rates of income tax have been increased under various sections of…
Iris 2.0 Tax Filing System Launched by FBR. Pioneer tax authority in Pakistan, Federal Board of Revenue has recently launched new tax filing system named Iris 2.0. FBR has launched it on…
What are the Benefits of being a tax filer in Pakistan in 2023? For taking benefits of being a tax filer in Pakistan you have to submit your tax return for the…
Revised Tax on Sale of Property in Pakistan 2023-2024. In the recent budget, the Government of Pakistan increased the rate of income tax on the sale and transfer of immovable property. This…
Withholding Tax on Cash Withdrawals from Banks implemented. In Pakistan, the recent federal budget was announced on 9th June 2023. In this budget Government of Pakistan proposed to implement again withholding tax…
Salary Tax Calculator 2023-24 Pakistan. Here we will explain to you all about tax on salary income along with tax credits, tax reductions, and deductible allowances. Revised tax on salary has also…
PM Calls on Cabinet Meeting Tomorrow on Upcoming Budget. Prime Minister of Pakistan Shehbaz Sharif has called upon a meeting of the federal cabinet tomorrow before the presentation of the upcoming budget.…
Government Employees Likely to Get Increase in Salary in Budget. Ashfaq Tola, Who is Chairman of the Reforms & Resource Mobilization Commission, informed on Wednesday that government employees are likely to get…
When Budget 2023-24 will be Announced. We all know that the new financial year starts in the month of July and ends in June. Tax year 2023 is near to end and…
Tax Exemption of Foreign Source Income of Returning Expatriates. According to Section 51 of Income Tax Ordinance, 2001 foreign source income of returning expatriates is exempt from tax. Following is the text…
Definition of Agriculture Income for Tax Exemption. The Federal Board of Revenue (FBR) has provided an explanation of agricultural income to allow for exemptions under the Income Tax Ordinance, 2001. Agricultural income…
Regulatory Duty on Used Cars Import Dropped. Here is a big relief that Federal Board of Revenue (FBR) has not extended the SRO after March 31, 2023. This SRO was regarding regulatory…
How to Become Active Tax filler in FBR in 2023. The active taxpayer list (ATL List) is a record of taxpayers who have submitted their annual income tax returns of previous years.…
National Assembly Passes Finance Supplementary Bill 2023 | Mini Budget. On Monday National Assembly of Pakistan passed the Finance (Supplementary) Bill, 2023. Proposed additional taxes and duties of Rs. 170 billion, opening…
Government Presents Finance Supplementary Bill 2023 in Parliament. Today Finance Minister Ishaq Dar presented the Finance (Supplementary) Bill 2023. Highlighting fiscal measures of Rs. 170 billion through additional taxes as already agreed…
FBR Increased Sale Tax Rate in Pakistan 2023. Standard rate of General sales tax has been increased from 17% to 18%. Moreover, it would go into effect immediately from 15 February 2023.…
Supreme Court Directs FBR to Recover Super Tax from Big Companies. The Supreme Court has issued orders to recover Super Tax from wealthy organizations whose income is over Rs150 million. Supreme court…
What is section 7e of the Income Tax Ordinance 2001. According to the FBR, a new section 7E was introduced through Finance Act, 2022. Whereby for the tax year 2022 and onwards,…
FBR revised commercial and residential property rates in Lahore. The Federal Board of Revenue (FBR) has revised immovable property rates in Lahore. It is a downward revision in the valuation of property…